1. The difference between the coin pound interest and simple interest accrued on an amount at the end of three years at the rate of 12% is 381.888. What is the amount ?
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By: anil on 05 May 2019 01.19 am
Let the amount be a let the rate of interest = r =0.12 (given) compound interest =$$ a(1+r)^{3} $$ -a = $$a(r^{3}+3r(1+r))$$ simple interest = 3ar difference = $$a(r^{3}+3r(1+r)) -3ar$$ = $$a(r^{3}+3r^{2})$$ = 381.88 (given) a = 381.88/$$(r^{3}+3r^{2})$$ = 8500 (by substituting r =0.12)
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